Making an offer same day vendor accepts another offer...

[MeMeMeow85]

We viewed a house on Saturday that ticks a number of boxes. It isn’t the perfect area, but is nice, needs nothing done to it and is hugely convenient for the train station, supermarket and it is across the road from an outstanding infant school and big park. A good 5-7 year house for us.

The vendors accepted an offer from another buyer this morning (they also viewed on Saturday). I haven’t had chance to take DH there yet, as he’s only available tomorrow morning and the vendors didn’t want to miss out on the offer they received yesterday.

Apparently they received 4 offers after Saturday viewings (I believe the EA as it is a nice place)...2 of the offers came from buyers who have houses under offer (so in a chain) and 2 are on the market (not under offer at the moment).

Interested in your thoughts on us making an offer on the house. Our situation is chain free (in rented) and we’re cash buyers. The property is less than our budget, so room for negotiation.

We’ve been gazaumped in the past (after instructing surveyor, mortgage application etc) and I know it hurts. In this case though we viewed same day as the current buyers, so it isn’t like we’re being sneaky and the offer accepted today won’t have incurred costs yet.

DH said he doesn’t need to see the house and is happy for me to make the decision. Thoughts?

I think you can make an offer today, latest tomorrow, and that's not gazumping. That's all offers coming in from people who have seen it over the weekend IYSWIM.

They've accepted the other offer though, so surely the OP would gazumping? That said, the vendors seem to have been a bit hasty. Worth making an offer today and pointing out you're chain free, cash buyers. Try to arrange a viewing tomorrow with your DH - on the basis he's happy for you to offer although he hasn't seen it yet, the viewing tomorrow is as much for the comfort of the vendors? I would worry that someone who hadn't viewed might pull the plug further down the line.

Made an offer 2% below asking price (apparently a bit lower than the buyer in a chain who needs a mortgage).

The EA came back to say that the vendor is “feeling morally obliged to stick with the buyer they accepted today unless he receives an asking price offer”... not sure how you can feel morally obliged but only until there’s more money on the table 😂

They seem a bit jittery that DH hasn’t seen it. Tried to explain that my husband took 10 months to choose our tv, 2 weeks to help me choose a car, but doesn’t care about houses as that’s my territory lol.

Seems a bit crazy to pay asking price on anything in this market, but I would love to get out of rented. Not sure what to do now??! EA knows we can pay more, which is annoying

I wouldn’t accept an offer unless both parts of the couple had seen it.

No matter how you try and assure them, if he sees it and hates it, you pull out, and the other buyers are gone.

How do they know you can pay more? Whereabouts are you looking because it isn't the case that you can get money off asking price everywhere. Plus, what is the house worth to you?

Okay - so now I would say you really need your DH to see it before you can go to asking price and make them sweat.

Wouldn’t get hung up on the principle of not paying asking price - it totally depends on what it was priced at compared to rest of market.

Sounds like it is realistically priced (or under valued even) if they received 5 offers after 1 day viewing.

Other buyer has obviously offered 1% below asking - so either match it or out bid it if you want this house. How is the market in your area? Do many things come on that you want? How quickly do they sell? How close is actual sales price vs asking? How does the 1% in £££ compare to your dead money in rent if it takes another 3 months rent to find something similar?

What is the status of the sellers - do they need to find somewhere.

If you match their offer or exceed it be clear what you will do if they come back with more. Good luck - bet many wish they were unnyiur position - chain free / cash buyer?

Thanks for the advice. Good idea, I think I’ll ask to take DH tomorrow morning before considering making a higher offer. I think what we’ve offered is fine. I don’t really want to go higher.

On the other hand, the difference between what we’ve offered and the full asking price is 7 months rent, so we’re just throwing the money away anyway if we continue renting much longer.

Annoyingly the EA knows our budget was higher as we have been looking at more expensive properties through him (originally doing 60% deposit and 40% mortgage), then this popped up somehow and ticked a number of boxes for a lot less than we had expected to spend.

As this is a different price bracket to all my previous research and viewings, maybe it is a quicker market for smaller houses. What I’ve been looking at before is moving really slowly (and lots of sold prices seem to be 10% below asking price).

Such a stressful process. Wish England could implement the Scottish system!!

Based on the 7 months rent cost calculation that might convince me to go for it if I loved it.... a PP is right, sounds like it's worth slightly more if it's had that many offers.

Good luck!

Update: sent through copy of bank statement to EA to show cash to purchase house. Increased offer to asking price and arranged for DH to disrupt his day to go view the house (a good 2.5 hour round trip from his office)...

It appears that they’ve used this to bid up the other buyer and would now need “considerably more” than the asking price to leave that buyer??!

Upset that they are such greedy time wasters and now the EA has our confidential financial information for no good reason!!

Hoping that the sale falls through. Not that we would buy it any longer. Thankfully the EA is a small local office that we don’t have to encounter again 😕

That is shit OP, they are definitely being greedy.

Feedback greedy timewasters and leave it for now. Estate Agent clearly not as nice as you think - their job is to max price for seller which they have done albeit not in your favour. I would walk away at this point

I understand them being jittery if your DH takes 10 months to choose a telly and he hasn't seen it.

I think I'd take the other offer too.

Yes, we’re walking away. I’m cursing the EA, who just had the audacity to send me an email with his list of available properties!!! FFS as if!!!

At least I’ve moved on quickly from upset to pissed off 😂

Did your DH eventually see it?

The other buyers must be fuming also - they might well pull out down the line.

Walk away with dignity now - if it falls through no doubt you will get a call from the agent.

Walk away, but don't be surprised if you receive a call from the agent in a day or two asking if you're still interested. All plays like tactics to me. Good luck!

To be fair they are only doing to you what you have done to the other buyers.